Somerset Boat Club Inc
EIN: 611107573 · Somerset, KY
| Metric | Value |
|---|---|
| Total Revenue | $270K |
| Total Expenses | $270K |
| Net Assets | $208K |
Is Somerset Boat Club Inc Legit?
Insufficient Data
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About Somerset Boat Club Inc
Somerset Boat Club Inc (EIN: 611107573) is a nonprofit organization based in Somerset, KY. The organization reported total revenue of $270K and total assets of $296K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Somerset Boat Club Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Somerset Boat Club Inc is a small nonprofit, with 13 years of IRS 990 filings on record (2012–2024). Revenue has grown at a compound annual rate of 10.1%.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
| Total Revenue | $241K |
| Total Expenses | $270K |
| Surplus / Deficit | $-28,663 |
| Total Assets | $246K |
| Total Liabilities | $38K |
| Net Assets | $208K |
| Operating Margin | -11.9% |
| Debt-to-Asset Ratio | 15.6% |
| Months of Reserves | 11.0 months |
Financial Health Grade: B
In 2024, Somerset Boat Club Inc reported a deficit of $29K with expenses exceeding revenue, holds 11.0 months of operating reserves (strong position), has a debt-to-asset ratio of 15.6% (very low leverage).
Financial Trends
Over 13 years of filings (2012–2024), Somerset Boat Club Inc's revenue has grown at a compound annual growth rate (CAGR) of 10.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2024 | +11.6% | +40.7% | -4.9% |
| 2023 | -4.3% | -8.6% | -5.5% |
| 2022 | +41.0% | +23.8% | +1.9% |
| 2021 | -20.5% | +2.8% | -0.9% |
| 2020 | +31.5% | +20.5% | +8.4% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Analysis Pending
AI enrichment for Somerset Boat Club Inc has not yet been completed. Basic IRS 990 data is shown below. Check back later for a full transparency report including a Mission Score, spending breakdown, executive compensation analysis, and red flags assessment.
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Somerset Boat Club Inc with a Mission Score of 0 out of 100 (Very Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $29K, with expenses exceeding revenue.
- Debt-to-asset ratio: 15.6%.
Frequently Asked Questions about Somerset Boat Club Inc
Is Somerset Boat Club Inc a legitimate charity?
Somerset Boat Club Inc (EIN: 611107573) is a registered tax-exempt nonprofit based in Kentucky. It has 13 years of IRS 990 filings on record. Total revenue: $270K. No red flags identified. Financial health grade: B.
How does Somerset Boat Club Inc spend its money?
Somerset Boat Club Inc reported $270K in total revenue in IRS 990 filings. 13 years of filing data available. Expenses exceeded revenue in the most recent year. Review the full spending breakdown on NonprofitSpending.
Are donations to Somerset Boat Club Inc tax-deductible?
Somerset Boat Club Inc is registered as a tax-exempt nonprofit (EIN: 611107573). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Where is Somerset Boat Club Inc located?
Somerset Boat Club Inc is headquartered in Somerset, Kentucky and files with the IRS under EIN 611107573.
How many years of IRS 990 filings does Somerset Boat Club Inc have?
Somerset Boat Club Inc has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $270K in total revenue.
Filing History
IRS 990 filing history for Somerset Boat Club Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2012–2024), Somerset Boat Club Inc's revenue has grown by 218.9%, moving from $76K to $241K. Total assets increased by 19.4% over the same period, from $206K to $246K. Total functional expenses rose by 247.5%, from $78K to $270K. In its most recent filing year (2024), Somerset Boat Club Inc reported a deficit of $29K, with expenses exceeding revenue. The organization holds $38K in liabilities against $246K in assets (debt-to-asset ratio: 15.6%), resulting in net assets of $208K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2024 | $241K | $270K | $246K | $38K | — | — |
| 2023 | $216K | $192K | $259K | $22K | — | View 990 |
| 2022 | $226K | $210K | $274K | $62K | — | View 990 |
| 2021 | $160K | $169K | $269K | $73K | — | — |
| 2020 | $201K | $165K | $271K | $66K | — | — |
| 2019 | $153K | $137K | $250K | $81K | — | View 990 |
| 2018 | $164K | $168K | $241K | $94K | — | View 990 |
| 2017 | $146K | $150K | $276K | $125K | — | View 990 |
| 2016 | $146K | $140K | $238K | $86K | — | View 990 |
| 2015 | $130K | $121K | $275K | $127K | — | View 990 |
| 2014 | $114K | $95K | $203K | $66K | — | View 990 |
| 2013 | $74K | $85K | $184K | $76K | — | — |
| 2012 | $76K | $78K | $206K | $83K | — | View 990 |
Year-by-Year Financial Summary
- 2024: Revenue of $241K, expenses of $270K, and assets of $246K (revenue +11.6% year-over-year).
- 2023: Revenue of $216K, expenses of $192K, and assets of $259K (revenue -4.3% year-over-year).
- 2022: Revenue of $226K, expenses of $210K, and assets of $274K (revenue +41.0% year-over-year).
- 2021: Revenue of $160K, expenses of $169K, and assets of $269K (revenue -20.5% year-over-year).
- 2020: Revenue of $201K, expenses of $165K, and assets of $271K (revenue +31.5% year-over-year).
- 2019: Revenue of $153K, expenses of $137K, and assets of $250K (revenue -6.4% year-over-year).
- 2018: Revenue of $164K, expenses of $168K, and assets of $241K (revenue +11.9% year-over-year).
- 2017: Revenue of $146K, expenses of $150K, and assets of $276K (revenue +0.1% year-over-year).
- 2016: Revenue of $146K, expenses of $140K, and assets of $238K (revenue +12.7% year-over-year).
- 2015: Revenue of $130K, expenses of $121K, and assets of $275K (revenue +13.1% year-over-year).
- 2014: Revenue of $114K, expenses of $95K, and assets of $203K (revenue +55.0% year-over-year).
- 2013: Revenue of $74K, expenses of $85K, and assets of $184K (revenue -2.2% year-over-year).
- 2012: Revenue of $76K, expenses of $78K, and assets of $206K.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Somerset Boat Club Inc:
Data Sources and Methodology
This transparency report for Somerset Boat Club Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.